Bank Of England’s Blindness Doesn’t Bode Well

By

Alen Mattich

May 3, 2012 2:30 pm GMT

Bank of England Governor Mervyn King made a rare radio speech late Wednesday where, in a nutshell, he washed his hands of any culpability for the financial crisis, save perhaps for not warning enough about excess leverage in the financial system.

The BOE couldn’t be blamed for having missed the coming problems because there had been no boom to alert the central bank, he said.

In other words, Mr. King’s view is that the U.K. had a hangover without the benefit of the party beforehand.